Tottenham Hotspur chairman Daniel Levy has said that the club's activity in the transfer market needs to be smart and sustainable after announcing a drop in revenue.

The club's revenue fell from £549.6 million in the previous year to £528.2 million in their latest financial report, though they did reduce losses after tax from £26.2 million to £86.8 million in 2023.

In the past Levy has been the subject of criticism for not spending enough on the squad and, with the club on course for their lowest league finish in 21 years, there are calls for him to spend big again.

But when speaking on Monday, he reiterated that the club need to be financially sustainable. 

"Since opening our new stadium in April 2019, we have invested over 700 million pounds net in player acquisitions," said Levy in a statement.

"Recruitment remains a key focus, and we must ensure that we make smart purchases within our financial means.

"I often read calls for us to spend more, given that we are ranked as the ninth-richest club in the world. However, a closer examination of today's financial figures reveals that such spending must be sustainable in the long term and within our operating revenues.

"Our capacity to generate recurring revenues determines our spending power. We cannot spend what we do not have, and we will not compromise the financial stability of this club."

The Club has announced financial results for the year ended 30 June, 2024.

— Tottenham Hotspur (@SpursOfficial) March 31, 2025

Central to Spurs' drop in revenue was a lack of UEFA prize money, having earned just £1.3 million in 2024 compared to £56.2 million the previous year due to their lack of involvement in European competitions.

Levy, meanwhile, suggested that while the 2024-25 season had been "highly challenging", he was hopeful of ending a 17-year trophy drought in the Europa League.

Spurs face Eintracht Frankfurt in the quarter-final of the Europa League this month.